Reference no: EM133097189

Question - Mountain Biking Corp. opened on April 1. The following selected events and transactions occurred during April:

Apr. 1 Issued common shares for $100,000 cash.

Apr. 3 Purchased an out-of-use ski hill costing $370,000, paying $60,000 cash and signing a bank loan payable for the balance. The $370,000 purchase price consisted of land $204,000; buildings $121,000; and equipment $45,000.

Apr. 8 Purchased advertising space for $1,800 on account.

Apr. 10 Paid salaries to employees, $2,800.

Apr. 13 Hired a park manager at a salary of $4,000 per month, effective May 1.

Apr. 14 Paid $5,500 for a one-year insurance policy.

Apr. 17 Declared and paid $600 of dividends to shareholders.

Apr. 20 Received $10,600 in cash from customers for admission fees. (Hint: Use the account Fees Earned to record admission fees.)

Apr. 30 Paid $1,800 on account for the advertising purchased on April 8.

Apr. 30 Paid $2,000 of interest on the bank loan.

Apr. 30 Paid an income tax installment of $800.

Required - Journalize the transactions. Record and post transactions.